AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.34% against the USD to close at 0.9936, as Greece’s failure to form a new government raised speculation that it may leave the Euro-zone, reducing demand for riskier assets.
In the Asian session, at GMT0300, the pair is trading at 0.9931, with the AUD trading 0.05% lower from yesterday’s close.
This morning, in Australia, Westpac consumer confidence index rose 0.8% to 95.3 in May, compared to a fall of 1.6% in April. Additionally, wage cost index rose 0.9% (QoQ) in first quarter of 2011, against the market expectation of 0.8% rise.
LME Copper prices declined 1.6% or $126.0/MT to $7853.5/ MT. Aluminium prices declined 0.1% or $2.5/MT to $1979.0/ MT.
The pair is expected to find support at 0.9894, and a fall through could take it to the next support level of 0.9856. The pair is expected to find its first resistance at 0.9992, and a rise through could take it to the next resistance level of 1.0053.
With no major release from Australia, the pair is expected to trade on trends in the greenback.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
